Major U.S. banking institutions, including JPMorgan Chase, Citi, and Morgan Stanley, are evaluating the extent of data theft resulting from a recent cyberattack on a New York financial technology company. SitusAMC, a provider of technology solutions for commercial and real estate financiers, disclosed a data breach on November 12, revealing that hackers accessed corporate data related to banking customers’ interactions with the firm, along with accounting records and legal agreements.
The cyberattack, which SitusAMC stated is now contained, did not involve encrypting malware, indicating a focus on data exfiltration rather than system destruction. The company has informed financial giants such as JPMorgan Chase, Citigroup, and Morgan Stanley about the breach. SitusAMC, serving pension funds and state governments, plays a crucial role in ensuring compliance with financial regulations and handling vast amounts of sensitive banking information.
Although the full extent of the stolen data and the number of affected banking consumers remain uncertain, SitusAMC processes billions of loan-related documents annually. The incident underscores the ongoing cybersecurity challenges faced by financial institutions and the importance of robust data protection measures in the digital age.
Source: TechCrunch